Reno City Center New Owners Secure $141 Million Construction Loan

Harrah’s in Reno closed its doors in 2020, and since then CAI Capital has been going full speed on a massive reuse and repositioning of the onetime 900-key hotel and casino. Highland Realty Capital secured the $141.9 million construction loan from Acore for CAI, “Closing loans during this period of rising interest rates and spreads has been challenging but the process with Score was uneventful, other than having to buy an interest rate cap,” said Mike Guterman from Highland Realty Capital.

CAI plans to convert the property to 529-multifamily units, 142,000 square feet of office space, 80,000 square feet of retail and 36,000 square feet of self-storage space in the basement. CAI bought the 6.3 acre property in 2020 for $41.5 million and commenced demolition, remediation and construction work the following year. The conversion, dubbed Reno City Center, is slated for completion in the third quarter of 2023.